Bitcoin Turns Bearish, Risk of Drop Below $29K
Bitcoin price extended increase above the $31,400 resistance zone. However, BTC struggled to even test the $32,000 resistance zone. A high was formed near $31,725 and the price started a fresh decline.
There was a strong move below the $31,000 and $30,500 support levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USDT pair. The pair is now trading below the $30,000 level and the 100 hourly simple moving average.
The bears are now attempting a clear move below the $29,350 support zone. An immediate resistance on the upside is near the $29,600 level. The first major resistance is near the $29,900 level. The next major resistance is near the $30,120 level. A clear move above the $30,120 resistance level could send the price towards the recent decline from the $31,725 swing high to $29,300 low. Any more gains might change the bias and bitcoin price could rise towards the $31,200 level.
If bitcoin fails to recover above the $30,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,200 level. The next major support is near the $28,500 level. A downside break below the $28,500 support may perhaps spark another decline. In the stated case, the price could dive towards the $27,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now well below the 40 level.
Major Support Levels – $29,000, followed by $28,500.
Major Resistance Levels – $29,900, $30,120 and $30,500.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
There was a strong move below the $31,000 and $30,500 support levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USDT pair. The pair is now trading below the $30,000 level and the 100 hourly simple moving average.
The bears are now attempting a clear move below the $29,350 support zone. An immediate resistance on the upside is near the $29,600 level. The first major resistance is near the $29,900 level. The next major resistance is near the $30,120 level. A clear move above the $30,120 resistance level could send the price towards the recent decline from the $31,725 swing high to $29,300 low. Any more gains might change the bias and bitcoin price could rise towards the $31,200 level.
If bitcoin fails to recover above the $30,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,200 level. The next major support is near the $28,500 level. A downside break below the $28,500 support may perhaps spark another decline. In the stated case, the price could dive towards the $27,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now well below the 40 level.
Major Support Levels – $29,000, followed by $28,500.
Major Resistance Levels – $29,900, $30,120 and $30,500.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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